As filed with the Securities and Exchange Commission on March 28, 2014

Securities Act File No. 333-57793

Investment Company Act of 1940 File No. 811-08839

UNITED STATES

SECURITIES
AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION
STATEMENT

UNDER

THE SECURITIES ACT OF 1933

x

Post-Effective Amendment No. 119

x

And

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

x

Amendment No. 121

SPDR® SERIES TRUST

(Exact Name of Registrant as Specified in Charter)

One Lincoln Street

Boston, Massachusetts 02111

(Address of Principal Executive Offices)

Registrants Telephone Number: (866) 787-2257

Copies to:

Christopher A. Madden, Esq.

State Street Bank and Trust Company

One Lincoln Street/CPH0326

Boston, Massachusetts 02111

W. John McGuire, Esq.

Bingham McCutchen LLP

2020 K Street NW

Washington, DC 20006

(Name and Address of Agent for Service)

It is proposed that this filing will become effective:

x

immediately upon filing pursuant to Rule 485, paragraph (b)

¨

on pursuant to Rule 485, paragraph (b)

¨

60 days after filing pursuant to Rule 485, paragraph (a)(1)

¨

on pursuant to Rule 485, paragraph (a)(1)

¨

75 days after filing pursuant to Rule 485, paragraph (a)(2)

¨

on pursuant to Rule 485, paragraph (a)(2)

¨

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it
meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has caused this amendment to the registration statement to be signed on its behalf by the undersigned, duly authorized, in
the City of Boston and Commonwealth of Massachusetts on the 28th day March, 2014.

SPDR® SERIES TRUST

By:

/s/ Ellen M. Needham

Ellen M. Needham

President

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, this amendment to the registration statement has been signed below by the following
persons in the capacities and on the date indicated:

SIGNATURES

TITLE

DATE

/s/ Bonny E. Boatman*

Bonny E. Boatman

Trustee

March 28, 2014

/s/ Dwight D. Churchill*

Dwight D. Churchill

Trustee

March 28, 2014

/s/ David M. Kelly*

David M. Kelly

Trustee

March 28, 2014

/s/ Frank Nesvet*

Frank Nesvet

Trustee

March 28, 2014

/s/ Carl G. Verboncoeur*

Carl G. Verboncoeur

Trustee

March 28, 2014

/s/ James E. Ross*

James E. Ross

Trustee

March 28, 2014

/s/ Ellen M. Needham

Ellen M. Needham

President and Principal Executive Officer

March 28, 2014

/s/ Chad C. Hallett

Chad C. Hallett

Treasurer and Principal Financial Officer

March 28, 2014

*By:

/s/ Christopher A. Madden

Christopher A. Madden

As
Attorney-in-Fact

Pursuant to Power of Attorney

Exhibit Index

Exhibit No.

EX-101.INS

XBRL Instance Document

EX-101.SCH

XBRL Taxonomy Extension Schema Document

EX-101.CAL

XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS
2
spdrst-20140312.xml
XBRL INSTANCE DOCUMENT
0001064642spdrst:S000041948Member2013-03-132014-03-1200010646422013-03-132014-03-120001064642spdrst:S000041948Memberspdrst:C000130269Member2013-03-132014-03-12pureiso4217:USD<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDR(R)BarclaysInternationalHighYieldBondETF column period compact * ~</div><div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDR(R)BarclaysInternationalHighYieldBondETF column period compact * ~</div>2014-03-12485BPOS2014-03-12SPDR SERIES TRUST0001064642false2014-03-122014-03-12FUND SUMMARY<br /><br /><b>SPDR<sup>&#174;</sup> Barclays International High Yield Bond ETF </b><b>INVESTMENT OBJECTIVE</b>The SPDR Barclays International High Yield Bond ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the high yield corporate bond market of non-US issuers.<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the Barclays Global HY ex US Domiciled 350mn+ Cash Pay Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, State Street Global Advisors Limited (&#8220;SSgA LTD&#8221; or the &#8220;Sub-Adviser&#8221;), the investment sub-adviser to the Fund, may invest the Fund&#8217;s assets in a subset of securities in the Index or may invest the Fund&#8217;s assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index.<br /><br />Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in securities that the Sub-Adviser determines have economic characteristics substantially identical to the economic characteristics of the securities that comprise the Index. The Fund will provide shareholders with at least 60 days&#8217; notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in debt securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund).<br /><br />The Index is designed to be a measure of the international high yield, fixed rate, fixed income corporate markets of issuers domiciled outside the United States, including in emerging markets. High yield securities are generally rated below investment grade and are commonly referred to as &#8220;junk bonds.&#8221; The securities in the Index must have a minimum 350 million market capitalization outstanding in local currency terms and at least 1 year remaining to maturity. Securities must be fixed rate, although step-up coupons and coupons that change according to a predetermined schedule are permitted. Additionally, securities must be rated high yield (Ba1/BB+/BB+ or below), but not defaulted, using the middle rating of Moody&#8217;s Investors Service, Inc., Standard &amp; Poor&#8217;s, Inc., and Fitch Inc. after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower (&#8220;more conservative&#8221;) rating is used. When a rating from only one agency is available, that rating is used to determine Index eligibility. Excluded from the Index are convertible securities, floating-rate notes, warrants, linked bonds, structured products, zero coupon bonds, and payment in kind securities. Each Index eligible issuer is capped at two percent. The Index is market capitalization weighted and the securities in the Index are updated on the last business day of each month. As of January 31, 2014, the Index was comprised of 702 securities. As of March 7, 2014, the following countries were represented in the Index Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Croatia, Czech Republic, Dominican Republic, Finland, France, Germany, Greece, Guatemala, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Jamaica, Japan, Kazakhstan, Luxembourg, Macau, Mexico, Mongolia, Netherlands, Nigeria, Norway, Poland, Portugal, Russia, South Africa, South Korea, Serbia, Singapore, Spain, Sweden, Switzerland, Turkey, Ukraine, the United Kingdom and the United States.<br /><br />The Index is sponsored by Barclays, Inc. (the &#8220;Index Provider&#8221;) which is not affiliated with the Fund, the Adviser, or the Sub-Adviser. The Index Provider determines the composition of the Index and relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<blockquote><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.<br /><br /><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Sub-Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Sub-Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.<br /><br /><b>DEBT SECURITIES INVESTING RISK:</b>&nbsp;&nbsp;The value of the debt securities may increase or decrease as a result of the following: market fluctuations, increases in interest rates, inability of issuers to repay principal and interest or illiquidity in debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. This may result in a reduction in income from debt securities income.<br /><br /><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.<br /><br /><b>GEOGRAPHIC RISK:</b>&nbsp;&nbsp;Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a Fund that focuses on a single country (e.g., China or Japan), or a specific region (e.g., the Middle East or African countries) is more exposed to that country&#8217;s or region&#8217;s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time.</blockquote><blockquote><blockquote><b>EUROPE:</b>&nbsp;&nbsp;Developed and emerging market countries in Europe will be significantly affected by the fiscal and monetary controls of the European Monetary Union. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and recessions among European countries may have a significant adverse effect on the economies of other European countries including those of Eastern Europe. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments.</blockquote></blockquote><blockquote><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investments in emerging markets subject the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in the Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.<br /><br /><b>HIGH YIELD SECURITIES RISK:</b>&nbsp;&nbsp;Securities rated below investment grade, commonly referred to as &#8220;junk bonds,&#8221; include bonds that are rated Ba1/BB+/BB+ or below by Moody&#8217;s Investors Service, Inc., Fitch Inc., or Standard &amp; Poor&#8217;s, Inc., respectively, or unrated securities considered to be of equivalent quality by the Sub-Adviser, and may involve greater risks than securities in higher rating categories. Such bonds are regarded as speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities. They are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. The retail secondary market for these &#8220;junk bonds&#8221; may be less liquid than that of higher rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices than those used in calculating the Fund&#8217;s net asset value. When the Fund invests in &#8220;junk bonds,&#8221; it may also be subject to greater credit risk because it may hold debt securities issued in connection with corporate restructuring by highly leveraged issuers or in debt securities not current in the payment of interest or principal or in default.<br /><br /><b>INDUSTRIAL SECTOR RISK:</b>&nbsp;&nbsp;Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the government budgets. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.<br /><br /><b>FINANCIAL SECTOR RISK:</b>&nbsp;&nbsp;Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. In addition, the recent deterioration of the credit markets generally has caused an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Recent events in the financial sector have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations. These actions have caused the securities of many financial services companies to experience a dramatic decline in value. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition.<br /><br /><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</blockquote><b>FUND PERFORMANCE </b>The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund&#8217;s returns based on net assets and comparing the Fund&#8217;s performance to the Index.0.004000.00441128This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.&#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history.The Fund has adopted a Distribution and Service (12b-1) Plan pursuant to which payments of up to 0.25% of average daily net assets may be made, however, the Board has determined that no such payments will be made through the next twelve (12) months of operation.“Other Expenses” are based on estimated amounts for the current fiscal year.EX-101.SCH
3
spdrst-20140312.xsd
XBRL TAXONOMY EXTENSION SCHEMA
000000 - Document - Document and Entity Information {Elements}link:presentationLinklink:calculationLinklink:definitionLink000011 - Document - Risk/Return Summary {Unlabeled} - SPDR(R) Barclays International High Yield Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000012 - Schedule - Shareholder Fees {- SPDR(R) Barclays International High Yield Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000013 - Schedule - Annual Fund Operating Expenses {- SPDR(R) Barclays International High Yield Bond ETF}link:calculationLinklink:presentationLinklink:definitionLink000014 - Schedule - Expense Example {Transposed} {- SPDR(R) Barclays International High Yield Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000015 - Schedule - Expense Example, No Redemption {Transposed} {- SPDR(R) Barclays International High Yield Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000016 - Schedule - Annual Total Returns - SPDR(R) Barclays International High Yield Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000017 - Schedule - Average Annual Total Returns {Transposed} {- SPDR(R) Barclays International High Yield Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000018 - Document - Risk/Return Detail {Unlabeled} - SPDR(R) Barclays International High Yield Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000019 - Disclosure - Risk/Return Detail Data {Elements} - SPDR(R) Barclays International High Yield Bond ETFlink:presentationLinklink:calculationLinklink:definitionLinkEX-101.CAL
4
spdrst-20140312_cal.xml
XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
EX-101.DEF
5
spdrst-20140312_def.xml
XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
EX-101.LAB
6
spdrst-20140312_lab.xml
XBRL TAXONOMY EXTENSION LABEL LINKBASE
Prospectus:Risk/Return:Document TypeDocument Period End DateRegistrant NameCentral Index KeyAmendment FlagAmendment DescriptionTrading SymbolDocument Creation DateDocument Effective DateProspectus DateDocument [Axis]ProspectusPerformance Measure [Axis]Before TaxesAfter Taxes on DistributionsAfter Taxes on Distributions and SalesSeries [Axis]SeriesS000041948 [Member]SPDR(R) Barclays International High Yield Bond ETFSPDR(R) Barclays International High Yield Bond ETF MemberShare Class [Axis]Share ClassesC000130269 [Member]SPDR(R) Barclays International High Yield Bond ETFSPDR(R) Barclays International High Yield Bond ETF,SPDR(R) Barclays International High Yield Bond ETF MemberRisk/Return [Heading]Objective [Heading]Objective, Primary [Text Block]Objective, Secondary [Text Block]Expense [Heading]Expense Narrative [Text Block]Shareholder Fees Caption [Text]Shareholder Fees [Table]Operating Expenses Caption [Text]Annual Fund Operating Expenses [Table]Expense Footnotes [Text Block]Expenses Deferred Charges [Text Block]Expenses Range of Exchange Fees [Text Block]Expense Example [Heading]Expense Example by Year [Heading]Expense Example Narrative [Text Block]Expense Example by, Year, Caption [Text]Expense Example, With Redemption [Table]Expense Example, No Redemption Narrative [Text Block]Expense Example, No Redemption, By Year, Caption [Text]Expense Example, No Redemption [Table]Expense Example Footnotes [Text Block]Expense Example Closing [Text Block]Portfolio Turnover [Heading]Portfolio Turnover [Text Block]Strategy [Heading]Strategy Narrative [Text Block]Risk [Heading]Risk Narrative [Text Block]Risk Footnotes [Text Block]Risk Closing [Text Block]Bar Chart and Performance Table [Heading]Performance Narrative [Text Block]Bar Chart Narrative [Text Block]Bar Chart [Heading]Bar Chart [Table]Bar Chart Footnotes [Text Block]Bar Chart Closing [Text Block]Performance Table HeadingPerformance Table NarrativePerformance [Table]Market Index Performance [Table]Performance Table FootnotesPerformance Table Closing [Text Block]Shareholder Fees:Shareholder Fees Column [Text]Maximum Cumulative Sales Charge (as a percentage of Offering Price)Maximum Cumulative Sales Charge (as a percentage)Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)Maximum Deferred Sales Charge (as a percentage of Offering Price)Maximum Deferred Sales Charge (as a percentage)Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)Redemption Fee (as a percentage of Amount Redeemed)Redemption Fee (as a percentage of Amount Redeemed)Redemption FeeRedemption FeeExchange Fee (as a percentage of Amount Redeemed)Exchange FeeMaximum Account Fee (as a percentage of Assets)Maximum Account FeeShareholder Fee, OtherNet Expenses (as a percentage of Assets)Net ExpensesExpenses (as a percentage of Assets)TOTAL ANNUAL FUND OPERATING EXPENSESTOTAL ANNUAL FUND OPERATING EXPENSESManagement Fees (as a percentage of Assets)MANAGEMENT FEESDistribution and Service (12b-1) FeesDISTRIBUTION AND SERVICE (12b-1) FEESOther Expenses (as a percentage of Assets):OTHER EXPENSESComponent1 Other ExpensesComponent2 Other ExpensesComponent3 Other ExpensesDistribution or Similar (Non 12b-1) FeesAcquired Fund Fees and ExpensesFee Waiver or ReimbursementFee Waiver or ReimbursementOperating Expenses:Operating Expenses Column [Text]Expense Example:YEAR 1Expense Example, with Redemption, 1 YearYEAR 3Expense Example, with Redemption, 3 YearsExpense Example, By Year, Column [Text]ColumnExpense Example, with Redemption, 5 Years5 YearsExpense Example, with Redemption, 10 Years10 YearsExpense Example, No Redemption:Expense Example, No Redemption, By Year, Column [Text]ColumnExpense Example, No Redemption, 1 Year1 YearExpense Example, No Redemption, 3 Years3 YearsExpense Example, No Redemption, 5 Years5 YearsExpense Example, No Redemption, 10 Years10 YearsBar Chart Table:Annual Return Caption [Text]CaptionAnnual Return, Column [Text]ColumnAnnual Return, Inception DateInception DateAnnual Return 1990Annual Return 1991Annual Return 1992Annual Return 1993Annual Return 1994Annual Return 1995Annual Return 1996Annual Return 1997Annual Return 1998Annual Return 1999Annual Return 2000Annual Return 2001Annual Return 2002Annual Return 2003Annual Return 2004Annual Return 2005Annual Return 2006Annual Return 2007Annual Return 2008Annual Return 2009Annual Return 2010Annual Return 2011Annual Return 2012Annual Return 2013Annual Return 2014Annual Return 2015Annual Return 2016Annual Return 2017Annual Return 2018Annual Return 2019Annual Return 2020Average Annual Return:Label1 Year5 Years10 YearsSince InceptionInception DateRisk/Return Detail [Table]Fee Waiver or Reimbursement over Assets, Date of TerminationPortfolio Turnover, RateExpense Breakpoint Discounts [Text]Expense Breakpoint, Minimum Investment Required [Amount]Expense Exchange Traded Fund Commissions [Text]Expenses Represent Both Master and Feeder [Text]Expenses Explanation of Nonrecurring Account Fee [Text]Other Expenses, New Fund, Based on Estimates [Text]Acquired Fund Fees and Expenses, Based on Estimates [Text]Expenses Other Expenses Had Extraordinary Expenses Been Included [Text]Expenses Restated to Reflect Current [Text]Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]Strategy Portfolio Concentration [Text]Risk Lose Money [Text]Risk Nondiversified Status [Text]Risk Money Market Fund [Text]Risk Not Insured Depository Institution [Text]Risk CaptionRisk Column [Text]Risk [Text]Performance Information Illustrates Variability of Returns [Text]Performance One Year or Less [Text]Performance Additional Market Index [Text]Performance Availability Phone [Text]Performance Availability Website Address [Text]Performance Past Does Not Indicate Future [Text]Bar Chart Does Not Reflect Sales Loads [Text]Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text]Bar Chart, Returns for Class Not Offered in Prospectus [Text]Year to Date Return, LabelBar Chart, Year to Date Return, DateBar Chart, Year to Date ReturnHighest Quarterly Return, LabelLabelHighest Quarterly Return, DateHighest Quarterly ReturnLowest Quarterly Return, LabelLabelLowest Quarterly Return, DateLowest Quarterly ReturnPerformance Table Does Reflect Sales LoadsPerformance Table Market Index ChangedIndex No Deduction for Fees, Expenses, Taxes [Text]Performance Table Uses Highest Federal RatePerformance Table Not Relevant to Tax DeferredPerformance Table One Class of after Tax Shown [Text]Performance Table Explanation after Tax HigherPerformance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text]CaptionColumnMoney Market Seven Day Yield, Caption [Text]Money Market Seven Day Yield Column [Text]Money Market Seven Day Yield PhoneMoney Market Seven Day YieldMoney Market Seven Day Tax Equivalent YieldThirty Day Yield CaptionThirty Day Yield Column [Text]Thirty Day Yield PhoneThirty Day YieldThirty Day Tax Equivalent YieldEX-101.PRE
7
spdrst-20140312_pre.xml
XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
EXCEL
8
Financial_Report.xlsx
IDEA: XBRL DOCUMENT
begin 644 Financial_Report.xlsx
M4$L#!!0`!@`(````(0!*=/0).=]GQR2MS]&5DKK:Q'HUT^Y$\5,3('W.IU[7E@3P(0T-!ILT'^&4LQU
M2%Z6-+TF\:"1)4_KC8U7SH1S6A4B$"E?&+GGDFX[!2#F\(@_%6AV;E
M=X--W3NUQBL)R4CX\"9JPN!+S;^LGTVLG66'15HH;5FJ`J0MYC5U($/G04BL
M`$*MLSAFM5!FRWW`/VY&'H?NF4&:\T7A$SEZ%\)Q>R$<=__$$>@=`H_?OU^-
M*'/D(F!8:LRY$A[D1_"46&\\A;AY1L'D[OPC:ZFNK4
MD1#XH&`77FTAL'.D5#S=P"3N'[6-
MHR1`]_:$`X)*8]O1]N?//UO>[N9I5!\<8B].P[HH0;$S8GO7:GBMGU8/H&(B
M9VD4QQJ.'&%7W=YL7WBDE)MBU_NHLHN+&KJ4_"-B-!U/%`OQ['*ED3!1RF%H
MT9,9J&74"T\U$SO+
M=N5#9@NIS]NHFD++28,5\YS3$$X4UD^&'!Q0]47P```/__`P!02P,$%``&``@````A
M`(%;N,D:`0``800``!H`"`%X;"]?[B,
MM-U]=JUX1T>--0J2*`:!)K=%8RH%KX>GFWL0Q-H4NK4&%0Q(L,NNK[;/V&KV
MEZAN>A)>Q9""FKE_D)+R&CM-D>W1^$EI7:?9EZZ2OZ6A*%:.RQ>V/FL:0(Z:\_!I$O"A!@FD-`Z)9/.P23_#)/,P6R6A"$>
M6K_T86&^ZSG[VR7MV3\EG-S'4H[G;`3K)1G")DPU)*_8;G$=K'Z[N?JV[JP[?EA[9`0P/N=U",TJ27Q9@Q;^QC9@J%)9IT6@T!T2
MWS@0TM'#O<0`,N??*;0=_)%P;7/7HJ+JSWDZY\EF'/+9,0F5
M:%5XI?$&.OF5+;)L&6]&*]X0.O_5%$-V>DODK7G,9J3@*XOO:,,-=73
M-!USCX"'.@Q)PB<3?N\@O=.?S/3C#8X4M*GBW@0,YV)G+NZCI15&UW=[N]\6=?````
M__\#`%!+`P04``8`"````"$`9`ALRJ\"```]!P``&````'AL+W=O.$A*23V`T?YN7Q>UX?S.+N3=7H51@K=9-A&L48B8;K7#9E
MAG_]?+R:8V0=:W)6ZT9D^%U8?+?\_&FQT^;%5D(X!(3&9KARKDT)L;P2BME(
MMZ*!)X4VBCFX-26QK1$L[UY2-4GB>$84DPT.A-2,8>BBD%P\:+Y5HG$!8D3-
M'/BWE6SM@:;X&)QBYF7;7G&M6D!L9"W=>P?%2/'TJ6RT89L:ZGZC$\8/[.[F
M`J\D-]KJPD6`(\'H97S6XJ=/;E&
MMM*[+T;FWV0C(&Q8)K\`&ZU?O/0I]T/P,KEX^[%;@.\&Y:)@V]K]T+NO0I:5
M@]6>0D&^KC1_?Q"60Z"`B9*I)W%=@P$X(B5]9T`@[*T[[V3NJ@PGUQ&=Q#-0
MHXVP[E%Z(D9\:YU6?X*&[DF!D>P97"Z!V"S@/GMF6^CVD*Y(]C@3R\]MZ+,SS#"$JVL)2ORWA!7B%]OE>L
M+A5TJ%@'!1Q[1M(K")CJG4%:XYUYL7?F%]!;79T/K,/`Z;S7'\\+*8R?UXLS
M#,>^FDE/#4:"8G*BF`X5ZTO%K%&=>#,UZ,B\]!AVL!082S`7)-.N$2?TAAZ;<>`,^G6\,R\^
M?
MC:]H"JWN-\#^`>Q>+2O%,S.E;"RJ10'(.+J!M$S8_\*-TVWW^6^T@XVKNZS@
M-R7@ZXDC$!=:N\.-GZ#_\2W_`@``__\#`%!+`P04``8`"````"$`)[%$%>T'
M``!:)P``&````'AL+W=OV[K9:V-W@UAIV@`I4!2]/&MM>2W$M@Q)FTW^OH>B3'*&D_7*31Z"]=QX
M=(8\I"ZW;[\>]J,O1=V4U?$N",?38%0!7__]>'-33!JVORXR??5
ML;@+OA5-\/;^YY]NGZOZ&$$@_EOFR_=46#T6&]_/AXK.K\88_K
M_AHF^?IVFQ!4HVD=UL;T+WH7+
M+)T'D_O;CJ!_RN*Y-;OJ^=>ZW'PJCP781I]4!QZJZK,*_;A1)B1/O.P/
M70?^J$>;8IL_[=L_J^??BO)QUZ+=*:Y(7=AR\^U]T:S!*,J,HU156E=[`,#_
MHT.II@88R;_>!3$&+C?M#G_-QNE\&H&@;A@H$V-`N18""NRX3,E=
M.Q.B@C&V;J.ZV)5GR5P+&0DTNB-U/9FK.=$W]M5M484Z%$Y;%HP!$V,8E5OK`
M5:6J+V[12FDE`&4TVT"QBU
M\!*,7*U#'8/)9*^#Z5G6QRA:35!B]84B99KN*.T%L%J[7;`)EXM0Q[A@$[9Z
MLS[F=6"%;>$5M&HU)TAMW[I]>*7V;2P?M_7:,KSU2J99Z\/HKM+G-/+X08
M-J^RT(])OR,7:B)SYBZOP"Z+3MR8-["/2;34,B7)B#>,[%42^B)I=QC>UZX,
MVTM3AFAE@TQ?B8D"PY+BM,U`YG+W
MDW*-C4R0!>::*#!!ZCL9'4J9EG&*S(JF%H_(!%EDKHDB`SUN+U]>H^J61;?L
M7'KEFS)BHJ,)0AY.K^B0EFW*@]7MG@<3=`:;1:Z)(F/J?H$'5XS[T3Q3%KDF
M.IH@V5%Z!0]&>ZUFIYX6F2#+@VNBR`9I=M1K;6(.F2O?E!$3&4V)K3O[U'GM
MBIN]K@Q7$KYUV2!#`S%18#]&>V-]XJ;SU,J]GCDVR`(S>3!18(+VJLL8*"2Q
MT5!GXK"==&6#+#"3YP%CVOOR`HI=J>QI\$P9B:(T"(*ZN(*&7A8F8/
M"STP$V1I1Y
MLV&0G,:]4+HT>*:,1%$:!#F]9EN)>UDD//`3B0VR/)@\CX=![`@-_+1E@RP-)H]/AV202';1:(-+0R^2UI21*$J#())7W!@FO=AADEN1
MY(#8-$4AT(V*'3-V7$1&E0*L5$,IRAZ,`],U%U^*K@ART;9'DP
M>1X/@U0R\21QY9LR8J(\2"IY#0]&[9SYP$];B0FR/+@FBFR02B:>)*Y\4T9,
M9#0EB-Y\4'OLP/G0U>'S@1_N;)#A@9@HLD$JF?HJZ9LR8J*C"2H9+J[@PGG35+>/3"9]4T9,=#1))J^8#;W:X:K,;C'G9\G4!%D:7!,%QE12
MW21>\;@)7P+T_#C`^.'.!EE@)L_T1W\1H%^['XKZL^?G[!>Y)%DLE")Y(K!;#$XN>!)[NMI]72Y"#,XF`+4$.S@F2!^Q@R4D>L(,]5?*`'6QV
MDNW$4).C!R-ENQJ24EV)3>2'>T2NP42
MQ5Z!0I%!-*KKT\20CB^;3OEC\7M>/Y;'9K0OMM#"Z5C=-U+:%D=2"6A[/_'W(
MNC7)JE%+@^S#VF:?8ITB68?54LWC;]\/^]&WYMSMVN/3.'U(QJ/FN&FWN^/K
MT_C?__K\:3X>=9?UM\?F:?RCZ
MEN=;?+0O+[M-H]K-^Z$Y7HR3C([Z/NK?WXZWFW
M_6-W;"#:D"?,P)>V_8K0W[=H@L&38/1GG8%_G$?;YF7]OK_\L_WX6[-[?;M`
MNDM8$2YLN?VAFFX#$04W#UF)GC;M'@C`_T>''98&1&3]_6F

The SPDR Barclays International High Yield Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the high yield corporate bond market of non-US issuers.

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund’s Shares.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment):

The Fund has adopted a Distribution and Service (12b-1) Plan pursuant to which payments of up to 0.25% of average daily net assets may be made, however, the Board has determined that no such payments will be made through the next twelve (12) months of operation.

[2]

“Other Expenses” are based on estimated amounts for the current fiscal year.

EXAMPLE:

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example
(USD $)

YEAR 1

YEAR 3

SPDR(R) Barclays International High Yield Bond ETF

41

128

PORTFOLIO TURNOVER:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.

THE FUND’S PRINCIPAL INVESTMENT STRATEGY

In seeking to track the performance of the Barclays Global HY ex US Domiciled 350mn+ Cash Pay Index (the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, State Street Global Advisors Limited (“SSgA LTD” or the “Sub-Adviser”), the investment sub-adviser to the Fund, may invest the Fund’s assets in a subset of securities in the Index or may invest the Fund’s assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in securities that the Sub-Adviser determines have economic characteristics substantially identical to the economic characteristics of the securities that comprise the Index. The Fund will provide shareholders with at least 60 days’ notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in debt securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSgA Funds Management, Inc. (“SSgA FM” or the “Adviser”), the investment adviser to the Fund).

The Index is designed to be a measure of the international high yield, fixed rate, fixed income corporate markets of issuers domiciled outside the United States, including in emerging markets. High yield securities are generally rated below investment grade and are commonly referred to as “junk bonds.” The securities in the Index must have a minimum 350 million market capitalization outstanding in local currency terms and at least 1 year remaining to maturity. Securities must be fixed rate, although step-up coupons and coupons that change according to a predetermined schedule are permitted. Additionally, securities must be rated high yield (Ba1/BB+/BB+ or below), but not defaulted, using the middle rating of Moody’s Investors Service, Inc., Standard & Poor’s, Inc., and Fitch Inc. after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower (“more conservative”) rating is used. When a rating from only one agency is available, that rating is used to determine Index eligibility. Excluded from the Index are convertible securities, floating-rate notes, warrants, linked bonds, structured products, zero coupon bonds, and payment in kind securities. Each Index eligible issuer is capped at two percent. The Index is market capitalization weighted and the securities in the Index are updated on the last business day of each month. As of January 31, 2014, the Index was comprised of 702 securities. As of March 7, 2014, the following countries were represented in the Index Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Croatia, Czech Republic, Dominican Republic, Finland, France, Germany, Greece, Guatemala, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Jamaica, Japan, Kazakhstan, Luxembourg, Macau, Mexico, Mongolia, Netherlands, Nigeria, Norway, Poland, Portugal, Russia, South Africa, South Korea, Serbia, Singapore, Spain, Sweden, Switzerland, Turkey, Ukraine, the United Kingdom and the United States.

The Index is sponsored by Barclays, Inc. (the “Index Provider”) which is not affiliated with the Fund, the Adviser, or the Sub-Adviser. The Index Provider determines the composition of the Index and relative weightings of the securities in the Index and publishes information regarding the market value of the Index.

PRINCIPAL RISKS OF INVESTING IN THE FUND

As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.

PASSIVE STRATEGY/INDEX RISK: The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund’s return to be lower than if the Fund employed an active strategy.

INDEX TRACKING RISK: While the Sub-Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund’s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Sub-Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.

DEBT SECURITIES INVESTING RISK: The value of the debt securities may increase or decrease as a result of the following: market fluctuations, increases in interest rates, inability of issuers to repay principal and interest or illiquidity in debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. This may result in a reduction in income from debt securities income.

FOREIGN INVESTMENT RISK: Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.

GEOGRAPHIC RISK: Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a Fund that focuses on a single country (e.g., China or Japan), or a specific region (e.g., the Middle East or African countries) is more exposed to that country’s or region’s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time.

EUROPE: Developed and emerging market countries in Europe will be significantly affected by the fiscal and monetary controls of the European Monetary Union. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and recessions among European countries may have a significant adverse effect on the economies of other European countries including those of Eastern Europe. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments.

EMERGING MARKETS RISK: Investments in emerging markets subject the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in the Fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a “failed settlement.” Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.

HIGH YIELD SECURITIES RISK: Securities rated below investment grade, commonly referred to as “junk bonds,” include bonds that are rated Ba1/BB+/BB+ or below by Moody’s Investors Service, Inc., Fitch Inc., or Standard & Poor’s, Inc., respectively, or unrated securities considered to be of equivalent quality by the Sub-Adviser, and may involve greater risks than securities in higher rating categories. Such bonds are regarded as speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities. They are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. The retail secondary market for these “junk bonds” may be less liquid than that of higher rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices than those used in calculating the Fund’s net asset value. When the Fund invests in “junk bonds,” it may also be subject to greater credit risk because it may hold debt securities issued in connection with corporate restructuring by highly leveraged issuers or in debt securities not current in the payment of interest or principal or in default.

INDUSTRIAL SECTOR RISK: Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the government budgets. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.

FINANCIAL SECTOR RISK: Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. In addition, the recent deterioration of the credit markets generally has caused an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Recent events in the financial sector have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations. These actions have caused the securities of many financial services companies to experience a dramatic decline in value. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition.

NON-DIVERSIFICATION RISK: The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund’s performance may be disproportionately impacted by the performance of relatively few securities.

FUND PERFORMANCE

The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s returns based on net assets and comparing the Fund’s performance to the Index.

Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.

Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.

This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.

Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."

Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."

"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.

Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.

Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.

Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.

Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.

Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.

The date the document was made available and submitted, in CCYY-MM-DD format. The date of submission, date of acceptance by the recipient, and the document effective date are all potentially different.

The date the document was made available and submitted, in CCYY-MM-DD format. The date of submission, date of acceptance by the recipient, and the document effective date are all potentially different.

The date when a document, upon receipt and acceptance, becomes officially effective, in CCYY-MM-DD format. Usually it is a system-assigned date time value, but it may be declared by the submitter in some cases.

The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.

The SPDR Barclays International High Yield Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the high yield corporate bond market of non-US issuers.

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund’s Shares.

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

In seeking to track the performance of the Barclays Global HY ex US Domiciled 350mn+ Cash Pay Index (the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, State Street Global Advisors Limited (“SSgA LTD” or the “Sub-Adviser”), the investment sub-adviser to the Fund, may invest the Fund’s assets in a subset of securities in the Index or may invest the Fund’s assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index.

Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in securities that the Sub-Adviser determines have economic characteristics substantially identical to the economic characteristics of the securities that comprise the Index. The Fund will provide shareholders with at least 60 days’ notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in debt securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSgA Funds Management, Inc. (“SSgA FM” or the “Adviser”), the investment adviser to the Fund).

The Index is designed to be a measure of the international high yield, fixed rate, fixed income corporate markets of issuers domiciled outside the United States, including in emerging markets. High yield securities are generally rated below investment grade and are commonly referred to as “junk bonds.” The securities in the Index must have a minimum 350 million market capitalization outstanding in local currency terms and at least 1 year remaining to maturity. Securities must be fixed rate, although step-up coupons and coupons that change according to a predetermined schedule are permitted. Additionally, securities must be rated high yield (Ba1/BB+/BB+ or below), but not defaulted, using the middle rating of Moody’s Investors Service, Inc., Standard & Poor’s, Inc., and Fitch Inc. after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower (“more conservative”) rating is used. When a rating from only one agency is available, that rating is used to determine Index eligibility. Excluded from the Index are convertible securities, floating-rate notes, warrants, linked bonds, structured products, zero coupon bonds, and payment in kind securities. Each Index eligible issuer is capped at two percent. The Index is market capitalization weighted and the securities in the Index are updated on the last business day of each month. As of January 31, 2014, the Index was comprised of 702 securities. As of March 7, 2014, the following countries were represented in the Index Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Croatia, Czech Republic, Dominican Republic, Finland, France, Germany, Greece, Guatemala, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Jamaica, Japan, Kazakhstan, Luxembourg, Macau, Mexico, Mongolia, Netherlands, Nigeria, Norway, Poland, Portugal, Russia, South Africa, South Korea, Serbia, Singapore, Spain, Sweden, Switzerland, Turkey, Ukraine, the United Kingdom and the United States.

The Index is sponsored by Barclays, Inc. (the “Index Provider”) which is not affiliated with the Fund, the Adviser, or the Sub-Adviser. The Index Provider determines the composition of the Index and relative weightings of the securities in the Index and publishes information regarding the market value of the Index.

As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.

PASSIVE STRATEGY/INDEX RISK: The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund’s return to be lower than if the Fund employed an active strategy.

INDEX TRACKING RISK: While the Sub-Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund’s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Sub-Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.

DEBT SECURITIES INVESTING RISK: The value of the debt securities may increase or decrease as a result of the following: market fluctuations, increases in interest rates, inability of issuers to repay principal and interest or illiquidity in debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. This may result in a reduction in income from debt securities income.

FOREIGN INVESTMENT RISK: Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.

GEOGRAPHIC RISK: Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a Fund that focuses on a single country (e.g., China or Japan), or a specific region (e.g., the Middle East or African countries) is more exposed to that country’s or region’s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time.

EUROPE: Developed and emerging market countries in Europe will be significantly affected by the fiscal and monetary controls of the European Monetary Union. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and recessions among European countries may have a significant adverse effect on the economies of other European countries including those of Eastern Europe. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments.

EMERGING MARKETS RISK: Investments in emerging markets subject the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in the Fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a “failed settlement.” Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.

HIGH YIELD SECURITIES RISK: Securities rated below investment grade, commonly referred to as “junk bonds,” include bonds that are rated Ba1/BB+/BB+ or below by Moody’s Investors Service, Inc., Fitch Inc., or Standard & Poor’s, Inc., respectively, or unrated securities considered to be of equivalent quality by the Sub-Adviser, and may involve greater risks than securities in higher rating categories. Such bonds are regarded as speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities. They are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. The retail secondary market for these “junk bonds” may be less liquid than that of higher rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices than those used in calculating the Fund’s net asset value. When the Fund invests in “junk bonds,” it may also be subject to greater credit risk because it may hold debt securities issued in connection with corporate restructuring by highly leveraged issuers or in debt securities not current in the payment of interest or principal or in default.

INDUSTRIAL SECTOR RISK: Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the government budgets. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.

FINANCIAL SECTOR RISK: Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. In addition, the recent deterioration of the credit markets generally has caused an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Recent events in the financial sector have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations. These actions have caused the securities of many financial services companies to experience a dramatic decline in value. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition.

NON-DIVERSIFICATION RISK: The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund’s performance may be disproportionately impacted by the performance of relatively few securities.

NON-DIVERSIFICATION RISK: The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund’s performance may be disproportionately impacted by the performance of relatively few securities.

The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s returns based on net assets and comparing the Fund’s performance to the Index.

The Fund has adopted a Distribution and Service (12b-1) Plan pursuant to which payments of up to 0.25% of average daily net assets may be made, however, the Board has determined that no such payments will be made through the next twelve (12) months of operation.

[2]

“Other Expenses” are based on estimated amounts for the current fiscal year.

Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.

Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.

Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.

This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.

Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."

Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."

"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.

For a Fund that provides annual total returns for only one calendar year or for a Fund that does not include the bar chart because it does not have annual returns for a full calendar year, modify, as appropriate, the narrative explanation required by stating that the information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance). Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.

Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.

Summarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.

Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.

If applicable, state that the Fund is non-diversified, describe the effect of non-diversification (e.g., disclose that, compared with other funds, the Fund may invest a greater percentage of its assets in a particular issuer), and summarize the risks of investing in a non-diversified fund.

Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.

Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.